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- Fed’s Bostic will be speaking today, Wednesday, 5 October 2022
- NZD/USD is back to where it started, fully retraces its post-RBNZ spike
- Goldman Sachs launches Sonar Dark X algo – to maximize non-displayed liquidity capture
- CHF traders – heads up for a SNB speaker Wedmesday, 5 October 2022 – Maechler
- European Central Bank is holding a non-monetary policy meeting Wednesday, 5 October 2022
- More detail on White House efforts to stop OPEC from cutting oil output – Yellen unleashed
- Reserve Bank of New Zealand cash rate hike as expected – full text
- RBNZ cash rate hike by 50bp, as expected
- Japan Jibun Markit Services PMI for September (final): 52.2 (prior 49.5)
- Bank of Korea says consumer inflation to stay high around 5 to 6% for some time
- The key reason the RBA slower rate hike is not applicable to elsewhere
- EUR/USD – “high risk of a return to 0.9500 over the coming weeks”
- Ireland’s central bank raises 2023 CPI projections, lowers GDP forecast
- Reminder: Chinese markets are closed today, and all week. Hong Kong markets return today.
- South Korea data:September core inflation has risen at its fastest y/y since December 2008
- Goldman Sachs say USD/JPY could reach 155 & GBP/USD drop under parity – here’s how
- Goldman Sachs rank recession risk: 1. UK (already in one), 2. Canada, 3. USA, 4. Australia
- Australia S&P Global Services PMI (Final, September) 50.6 (prior 50.2)
- Reports that the US is lobbying OPEC+ nations not to cut oil output (… well, d’uh)
- Gold shortage? Banks diverting physical away from India in favour of China and Turkey.
- Forexlive North American FX news wrap: US stocks soar for the 2nd day helped by JOLTs jobs
- An unnamed OPEC source says the cartel is considering output cuts up to 2 mn barrels / day
- Trade ideas thread – Wednesday, 5 October 2022
- Oil – private survey of inventory shows headline draw vs. expected build
- US stock markets soar for the second day in a row
The
Reserve Bank of New Zealand met market expectations today with a 0.5%
rise for its cash rate target, taking it from 3.0% to 3.5%. This was
the fifth consecutive 50bp rate rise from the Bank.
NZD/USD
popped higher on the statement, to highs just over 0.5800 before
dropping back to be, as I update, barely changed on the session.
As
the kiwi retraced its rise FX nearly across the board fell against
the USD, although it was not a day of wide ranges. AUD, GBP, EUR, CAD
all fell away a little.
USD/JPY
was a bit of an exception. It dropped to lows under 143.60 early in
the session but has since recovered to a high above 144.30. This is a
decent range for the Asian timezone. There was little specific news
for it.
The
RBA decision yesterday to slow rate hikes (+25bp from the RBA vs, +50
expected) was a factor in the bullish risk appetite seen on Tuesday.
The RBNZ today, though, ploughed ahead with its 50bp hike, which may
give a pause to risk in the day coming up.
News
flow was light, and data releases were lower-tier in importance.
Regional
equities gained, taking their lead from another strong up day on Wall
Street.
The
OPEC+ meeting is ahead for the day, with murmurings of an up to 2mn
barrel/day output cut. The US is lobbying, hard, for no cut from the
cartel (see bullets above).
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